UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): May 10, 2006
Stratus
Properties Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-19989
|
72-1211572
|
||
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification Number)
|
|
98
San Jacinto Blvd., Suite 220
|
|
|
Austin,
Texas
|
78701
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (512) 478-5788
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.02. Results
of Operations and Financial Condition.
Stratus
Properties Inc. issued a press release dated May 10, 2006, announcing its
first-quarter 2006 results and updating its development activities (see exhibit
99.1).
Item
9.01. Financial
Statements and Exhibits.
(c)
Exhibit.
The
Exhibit included as part of this Current Report is listed in the attached
Exhibit Index.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Stratus
Properties Inc.
By:
/s/
John E. Baker
----------------------------------------
John
E.
Baker
Senior
Vice President and
Chief
Financial Officer
(authorized
signatory and
Principal
Financial Officer)
Date:
May
10, 2006
Stratus
Properties Inc.
Exhibit
Index
Exhibit
Number
|
Press
release dated May 10, 2006, titled “Stratus Properties Inc. Reports
First-Quarter 2006 Results and Updates Development
Activities.”
|
||
|
NEWS
RELEASE
|
|
|
NASDAQ
Symbol: “STRS”
|
|
|
Stratus
Properties Inc.
|
Financial
and Media Contact:
|
|
98
San Jacinto Blvd. Suite 220
|
William
H. Armstrong III
|
|
Austin,
Texas 78701
|
(512)
478-5788
|
STRATUS
PROPERTIES INC. REPORTS
FIRST-QUARTER
2006 RESULTS
AND
UPDATES DEVELOPMENT ACTIVITIES
HIGHLIGHTS
| · |
First-quarter
2006 net income totaled $16.3 million, $2.12 per share, compared
with a
net loss of $0.9 million, $0.13 per share, in the year-ago
quarter.
|
| · |
Stratus
sold its two 7000 West office buildings at Lantana for $22.3 million
on
March 27, 2006, resulting in a net $7.8 million, $1.02 per share,
gain in
the first quarter of 2006. Historical financial results for 7000
West are
reported as “discontinued
operations.”
|
| · |
First-quarter
2006 real estate revenues totaled $11.0 million, including the sale
of a
7.5-acre tract in the Barton Creek community for $1.5 million, compared
with total real estate revenues of $2.3 million in the first quarter
of
2005. A total of 63 lots sold in the first quarter of 2006, compared
with
18 lots in the first quarter of
2005.
|
| · |
On
April 26, 2006, Stratus sold 58 acres at its Lantana community to
Advanced
Micro Devices, Inc. (AMD) for $21.2 million, resulting in a pre-tax
gain
of approximately $16 million to be reported in the second quarter
of
2006.
|
| · |
For
the second quarter of 2006, Stratus’ scheduled real estate sales under
existing homebuilder lot sale contracts include at
least:
|
| o |
38
lots in its Circle C community for $2.3
million
|
| o |
20
lots at its Deerfield project for $1.3
million
|
| o |
3
lots at its Wimberly Lane Phase II subdivision in the Barton Creek
community for $0.5 million
|
|
First
Quarter
|
||||||
|
2006
|
2005
|
|||||
|
(In
Thousands, Except
|
||||||
|
Per
Share Amounts)
|
||||||
|
Revenues
|
$
|
11,690
|
$
|
2,717
|
||
|
Operating
income (loss)
|
1,894
|
(976
|
)
|
|||
|
Net
income applicable to common stock:
|
||||||
|
Net
income (loss) from continuing operations
|
$
|
8,115
|
$
|
(1,060
|
)
|
|
|
Income
from discontinued operations, including net gain on sale
|
8,187
|
148
|
||||
|
Net
income (loss) applicable to common stock
|
$
|
16,302
|
$
|
(912
|
)
|
|
|
Diluted
net income (loss) per share of common stock:
|
||||||
|
Continuing
operations
|
$
|
1.06
|
$
|
(0.15
|
)
|
|
|
Discontinued
operations
|
1.06
|
0.02
|
||||
|
Diluted
net income (loss) per share of common stock
|
$
|
2.12
|
$
|
(0.13
|
)
|
|
|
Diluted
average shares of common stock outstanding
|
7,697
|
7,216
|
||||
AUSTIN,
TX, May 10, 2006 - Stratus Properties Inc. (NASDAQ: STRS) reported net income
of
$16.3 million, $2.12 per share, for the first quarter of 2006, compared to
a net
loss of $0.9 million, $0.13 per share, for the first quarter of 2005. Net income
from continuing operations totaled $8.1 million, $1.06 per share, for the first
quarter of 2006, compared to a net loss of $1.1 million, $0.15 per share, for
the first quarter of 2005. First-quarter 2006 net income from continuing
operations included a $6.4 million, $0.83 per share, tax benefit resulting
from
the reversal of a portion of Stratus’ deferred tax asset valuation allowance.
Recent sales, together with current projections of future results, provide
sufficient evidence that Stratus will realize all its remaining deferred
tax assets over the remainder of 2006.
As
a
result of Stratus’ decision during the fourth quarter of 2005 to sell its two
7000 West office buildings at Lantana, the related assets, liabilities, results
of operations and cash flows have been segregated in Stratus’ financial
statements as “discontinued operations.” On March 27, 2006, Stratus sold 7000
West for $22.3 million, resulting in a net $7.8 million, $1.02 per share, gain.
Other than the gain from the sale of 7000 West, net income from discontinued
operations was $0.4 million, $0.05 per share, in the first quarter of 2006,
compared with $0.1 million, $0.02 per share, in the year-ago period. As part
of
the sale, the buyer assumed the
$11.7
million principal balance remaining under Stratus’ 7000 West project loan from
Teachers Insurance and Annuity Association of America, resulting in a reduction
in Stratus’ total outstanding debt.
Real
Estate Revenues.
Real
estate revenues for the first quarters of 2006 and 2005 included the following
sales (revenues in thousands):
|
First
Quarter
|
||||||||
|
2006
|
2005
|
|||||||
|
Lots
|
Revenues
|
Lots
|
Revenues
|
|||||
|
Residential
Properties:
|
||||||||
|
Barton
Creek
|
||||||||
|
Calera
Drive
|
6
|
$2,902
|
-
|
$
-
|
||||
|
Calera
Court Courtyard Homes
|
4
|
2,312
|
-
|
-
|
||||
|
Mirador
Estate
|
2
|
1,065
|
-
|
-
|
||||
|
Wimberly
Lane Phase II
|
||||||||
|
Standard
Homebuilder
|
2
|
301
|
-
|
-
|
||||
|
Estate
|
-
|
-
|
1
|
339
|
||||
|
Escala
Drive Estate
|
-
|
-
|
1
|
929
|
||||
|
Circle
C
|
||||||||
|
Meridian
|
39
|
2,287
|
-
|
-
|
||||
|
Deerfield
|
10
|
671
|
16
|
984
|
||||
|
Total
Residential
|
63
|
9,538
|
18
|
2,252
|
||||
|
Undeveloped
Properties:
|
||||||||
|
Barton
Creek
|
7.5
acres
|
1,500
|
-
|
-
|
||||
|
Total
Real Estate revenues
|
$11,038
|
$2,252
|
||||||
Rental
Income and Other Revenues.
For the
first quarter of 2006, Stratus earned $0.4 million in rental income, primarily
related to its nearly 100 percent leased 75,000-square-foot office building
at
7500 Rialto Boulevard, compared to $0.3 million for the 2005 period. Stratus
expects its rental income to increase throughout the remainder of 2006 following
the May 12, 2006 grand opening of Escarpment Village. Stratus’ other revenues
include management fees, sales commissions and the sale of development fee
credits to third
parties.
In the first quarter of 2006, Stratus’ sale of development fee credits to third
parties totaled $0.2 million, compared with $0.1 million for the 2005
period.
Development
Activities. Lantana
- On
April 26, 2006, Stratus sold approximately 58 acres at its Lantana community
for
$21.2 million to AMD. During the second quarter of 2006, Stratus expects to
recognize a pre-tax gain of approximately $16 million on the AMD sale.
The portion of AMD’s campus to be constructed on the 58-acre site consists of
approximately 825,000 square feet of office and related uses. Lantana is a
partially developed, mixed-use project with remaining Stratus entitlements
for
approximately 1.9 million square feet of office and retail use on 224 acres.
Regional utility and road infrastructure is in place with capacity to serve
Lantana at full build-out permitted under existing entitlements.
At
March
31, 2006, Stratus’ office building at 7500 Rialto Boulevard had an occupancy
rate of approximately 96 percent. As a result of increased demand for office
space within Lantana, Stratus commenced construction during January 2006 of
a
second 75,000-square-foot office building at 7500 Rialto Boulevard.
Calera
- During
2004, Stratus completed construction of four courtyard homes at Calera Court
within the Barton Creek community. Calera Court, the initial phase of the
“Calera” subdivision, will include 17 courtyard homes on 16 acres. The second
phase of Calera, Calera Drive, consisting of 53 single-family lots, many of
which adjoin the Fazio Canyons golf course, received final plat and construction
permit approval in 2005. In the third quarter of 2005, development of these
lots
was completed and the initial five lots were sold for $2.1 million. Development
of the third and last phase of Calera, which will include approximately 70
single-family lots, will commence in mid-2006.
Wimberly
Lane Phase II
- In May
2004, Stratus entered into a contract with a national homebuilder to sell 41
lots within the Wimberly Lane Phase II subdivision in the Barton Creek
community. In June 2004, the homebuilder paid Stratus a non-refundable $0.6
million deposit for the right to purchase the 41 lots. The deposit was used
to
pay ongoing development costs of the lots. The deposit will be applied against
subsequent purchases of lots by the homebuilder after certain thresholds are
achieved and will be recognized by Stratus as income as lots are sold. The
lots
are being sold on a scheduled takedown basis, with the initial six lots sold
in
December 2004 following completion of subdivision utilities, and then an average
of three lots per quarter beginning in June 2005. The average purchase price
for
each of the 41 lots is $150,400, subject to a six percent annual escalator
commencing in December 2004.
Circle
C Community
-
Stratus has commenced development activities at the Circle C community based
on
the entitlements secured in its Circle C settlement with the City of Austin.
The
Circle C settlement permits development of approximately 1.0 million square
feet
of commercial space and 1,730 residential units, including 900 multi-family
units and 830 single family residential lots. In 2004, Stratus and the City
of
Austin amended the Circle C settlement to increase the amount of permitted
commercial space from 1.0 million square feet to 1.16 million square feet in
exchange for a decrease in allowable multi-family units from 900 units to 504
units. The preliminary plan has been approved for Meridian, an 800-lot
residential development at the Circle C community. In October 2004, Stratus
received final City of Austin plat and construction permit approvals for the
first phase of Meridian, and construction commenced in January 2005. During
the
first quarter of 2005, Stratus contracted to sell a total of 494 lots in its
Meridian project to three national homebuilders in four phases. Sales for each
of the four phases commence upon substantial completion of development for
that
phase, and continue every quarter until all of the lots have been sold. The
first phase, which includes 134 lots, was substantially completed at the end
of
2005. Development of the second phase of
134
lots
commenced in the third quarter of 2005 and was substantially completed in March
2006. Stratus estimates its sales from the first two phases of Meridian will
total at least 38 lots for $2.3 million during the second quarter of
2006.
In
addition, several retail sites at the Circle C community have received final
City of Austin approvals and are being developed. Zoning for Escarpment Village,
a 168,000-square-foot retail project anchored by a grocery store, was approved
during the second quarter of 2004, and construction is progressing with
completion expected by mid-2006. In December 2004, Stratus obtained an $18.5
million project loan from Comerica to fund the construction of Escarpment
Village, as well as a $22.8 million commitment from the Teachers Insurance
and
Annuity Association of America for a long-term mortgage for the completed
project. The grand opening of the shopping center is set for May 12, 2006,
and
Stratus expects to close the long-term mortgage in June 2006.
Deerfield
- In
January 2004, Stratus acquired the Deerfield property in Plano, Texas, for
$7.0
million. The property was zoned and subject to a preliminary subdivision plan
for 234 residential lots. In February 2004, Stratus executed an Option Agreement
and a Construction Agreement with a national homebuilder. Pursuant to the Option
Agreement, the homebuilder paid Stratus $1.4 million for an option to purchase
all 234 lots over 36 monthly take-downs. The net purchase price for each of
the
234 lots was $61,500, subject to certain terms and conditions. The $1.4 million
option payment is non-refundable, but will be applied against subsequent
purchases of lots by the homebuilder after certain thresholds are achieved
and
will be recognized by Stratus as income as lots are sold. The Construction
Agreement requires the homebuilder to complete development of the entire project
by March 15, 2007. Stratus agreed to pay up to $5.2 million of the homebuilder’s
development costs. The homebuilder must pay all property taxes and maintenance
costs. In February 2004, Stratus entered into a $9.8 million three-year loan
agreement with Comerica Bank (Comerica) to finance the acquisition and
development of Deerfield. Development is proceeding on schedule and Stratus
had
$7.8 million in remaining availability under the loan at March 31, 2006. The
initial lot sale occurred in November 2004 and subsequent lot sales are on
schedule. In October 2005, Stratus executed a revised agreement with the
homebuilder, increasing the lot sizes and average purchase price to $67,150
based on a new total of 224 lots. Stratus expects to complete 20 lot sales
for
$1.3 million during the second quarter of 2006.
Crestview
Station
- In
November 2005, Stratus formed a joint venture partnership with Trammell Crow
Central Texas Development, Inc. to acquire an approximate 74-acre tract at
the
intersection of Airport Boulevard and Lamar Boulevard in Austin, Texas, for
$7.7
million. With its joint venture partner, Stratus has commenced brown-field
remediation and permitting of the property, known as the Crestview Station
project, for single-family, multi-family, retail and office development, with
closings on the single-family and multi-family components expected to occur
in
2007 upon completion of the remediation.
The
Crestview Station property is divided into three distinct parcels - one
containing approximately 46 acres, a second consisting of approximately 27
acres, and a third 0.5-acre tract. The joint venture partnership has contracted
with a nationally recognized remediation firm to demolish the existing buildings
and remediate the 27-acre and 0.5-acre tracts as part of preparing them for
residential permitting. Under the terms of the remediation contract, the joint
venture partnership will pay the contractor approximately $4.9 million upon
completion of performance benchmarks and certification by the State of Texas
that the remediation is complete. The contractor is required to pay all costs
associated with the remediation and to secure an environmental liability policy
with $10.0 million of coverage remaining in place for a 10-year term. Pursuant
to
the
agreement with the contractor, all environmental and legal liability was
assigned to and assumed by the contractor effective November 30,
2005.
Downtown
Austin Project
- In
April 2005, the City of Austin selected Stratus’ proposal to develop a mixed-use
project in downtown Austin immediately north of the new City Hall complex.
The
project includes an entire city block and is suitable for a mixture of retail,
office, hotel, residential and civic uses. Stratus has entered into a
negotiation period with the City of Austin to reach agreement on the project’s
design and transaction terms and structure.
Stratus
is a diversified real estate company engaged in the acquisition, development,
management and sale of commercial, multi-family and residential real estate
properties located primarily in the Austin, Texas area.
____________________________
CAUTIONARY
STATEMENT. This press release contains certain forward-looking statements
regarding proposed real estate sales and development activities at the Lantana
community, the Barton Creek community, the Circle C community, Deerfield and
the
proposed development of a mixed-use project in downtown Austin. Important
factors that might cause future results to differ from those projections include
economic and business conditions, the availability of financing, regulatory
approvals and environmental regulations, which are described in more detail
in
Stratus’ 2005 Annual Report on Form 10-K filed with the Securities and Exchange
Commission.
A
copy of
this release is available on our web site,
www.stratusproperties.com.
# # #
STRATUS
PROPERTIES INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited)
(In
Thousands, Except Per Share Amounts)
|
Three
Months Ended
|
||||||
|
March
31,
|
||||||
|
2006
|
2005
|
|||||
|
Revenues:
|
||||||
|
Real
estate
|
$
|
11,038
|
$
|
2,252
|
||
|
Rental
income
|
387
|
307
|
||||
|
Commissions,
management fees and other
|
265
|
158
|
||||
|
Total
revenues
|
11,690
|
2,717
|
||||
|
Cost
of sales:
|
||||||
|
Real
estate, net
|
7,547
|
1,892
|
||||
|
Rental
|
324
|
328
|
||||
|
Depreciation
|
186
|
189
|
||||
|
Total
cost of sales
|
8,057
|
2,409
|
||||
|
General
and administrative expenses
|
1,739
|
1,284
|
||||
|
Total
costs and expenses
|
9,796
|
3,693
|
||||
|
Operating
income (loss)
|
1,894
|
(976
|
)
|
|||
|
Interest
expense, net
|
(179
|
)
|
(111
|
)
|
||
|
Interest
income
|
14
|
27
|
||||
|
Income
(loss) from continuing operations before income taxes
|
1,729
|
(1,060
|
)
|
|||
|
Income
tax benefita
|
6,386
|
-
|
||||
|
Income
(loss) from continuing operations
|
8,115
|
(1,060
|
)
|
|||
|
Income
from discontinued operations (including a gain on sale of
|
||||||
|
$7,834,
net of taxes of $1,928, in 2006)b
|
8,187
|
148
|
||||
|
Net
income (loss) applicable to common stock
|
$
|
16,302
|
$
|
(912
|
)
|
|
|
Basic
net income (loss) per share of common stock:
|
||||||
|
Continuing
operationsa
|
$
|
1.12
|
$
|
(0.15
|
)
|
|
|
Discontinued
operationsb
|
1.13
|
0.02
|
||||
|
Basic
net income (loss) per share of common stock
|
$
|
2.25
|
$
|
(0.13
|
)
|
|
|
Diluted
net income (loss) per share of common stock:
|
||||||
|
Continuing
operationsa
|
$
|
1.06
|
$
|
(0.15
|
)
|
|
|
Discontinued
operationsb
|
1.06
|
0.02
|
||||
|
Diluted
net income (loss) per share of common stock
|
$
|
2.12
|
$
|
(0.13
|
)
|
|
|
Average
shares of common stock outstanding:
|
||||||
|
Basic
|
7,242
|
7,216
|
||||
|
Diluted
|
7,697
|
7,216
|
||||
| a. |
Reflects
the tax benefit resulting from the reversal of a portion of Stratus’
deferred tax asset valuation
allowance.
|
| b. |
Relates
to the operations of 7000 West, which Stratus sold on March 27,
2006.
|
I
STRATUS
PROPERTIES INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In
Thousands)
|
March
31,
|
December
31,
|
|||||
|
2006
|
2005
|
|||||
|
ASSETS
|
||||||
|
Current
assets:
|
||||||
|
Cash
and cash equivalents, including restricted cash of
|
||||||
|
$301
and $387, respectively
|
$
|
9,064
|
$
|
1,901
|
||
|
Accounts
receivable
|
741
|
112
|
||||
|
Deposits,
prepaid expenses and other
|
891
|
849
|
||||
|
Discontinued
operationsa
|
-
|
12,230
|
||||
|
Total
current assets
|
10,696
|
15,092
|
||||
|
Real
estate, commercial leasing assets and facilities, net:
|
||||||
|
Property
held for sale - developed or under development
|
127,000
|
127,450
|
||||
|
Property
held for sale - undeveloped
|
16,129
|
16,071
|
||||
|
Property
held for use, net
|
9,353
|
9,452
|
||||
|
Investment
in Crestview
|
3,820
|
4,157
|
||||
|
Deferred
tax asset
|
6,386
|
-
|
||||
|
Other
assets
|
2,198
|
1,664
|
||||
|
Total
assets
|
$
|
175,582
|
$
|
173,886
|
||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||
|
Current
liabilities:
|
||||||
|
Accounts
payable and accrued liabilities
|
$
|
5,345
|
$
|
6,305
|
||
|
Accrued
interest, property taxes and other
|
2,571
|
3,710
|
||||
|
Current
portion of long-term debt
|
2,172
|
169
|
||||
|
Current
tax liability
|
591
|
-
|
||||
|
Discontinued
operationsa
|
-
|
12,036
|
||||
|
Total
current liabilities
|
10,679
|
22,220
|
||||
|
Long-term
debt
|
45,260
|
50,135
|
||||
|
Other
liabilities
|
6,713
|
7,364
|
||||
|
Total
liabilities
|
62,652
|
79,719
|
||||
|
Stockholders’
equity:
|
||||||
|
Preferred
stock
|
-
|
-
|
||||
|
Common
stock
|
75
|
74
|
||||
|
Capital
in excess of par value of common stock
|
184,197
|
182,007
|
||||
|
Accumulated
deficit
|
(66,641
|
)
|
(82,943
|
)
|
||
|
Unamortized
value of restricted stock units
|
-
|
(567
|
)
|
|||
|
Common
stock held in treasury
|
(4,701
|
)
|
(4,404
|
)
|
||
|
Total
stockholders’ equity
|
112,930
|
94,167
|
||||
|
Total
liabilities and stockholders' equity
|
$
|
175,582
|
$
|
173,886
|
||
| a. |
Relates
to the assets and liabilities of 7000 West, which Stratus sold on
March
27, 2006.
|
II
STRATUS
PROPERTIES INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
(In
Thousands)
|
Three
Months Ended
|
||||||
|
March
31,
|
||||||
|
2006
|
2005
|
|||||
|
Cash
flow from operating activities:
|
||||||
|
Net
income (loss)
|
$
|
16,302
|
$
|
(912
|
)
|
|
|
Adjustments
to reconcile net income (loss) to net cash provided
|
||||||
|
by
operating activities:
|
||||||
|
Income
from discontinued operationsa
|
(8,187
|
)
|
(148
|
)
|
||
|
Depreciation
|
186
|
189
|
||||
|
Cost
of real estate sold
|
6,559
|
1,442
|
||||
|
Deferred
income taxes
|
(6,386
|
)
|
-
|
|||
|
Stock-based
compensation
|
447
|
70
|
||||
|
Deposits
and other
|
(533
|
)
|
(297
|
)
|
||
|
(Increase)
decrease in working capital:
|
||||||
|
Accounts
receivable and prepaid expenses
|
(672
|
)
|
42
|
|||
|
Accounts
payable, accrued liabilities and other
|
(2,750
|
)
|
3,344
|
|||
|
Net
cash provided by continuing operations
|
4,966
|
3,730
|
||||
|
Net
cash provided by discontinued operationsa
|
374
|
352
|
||||
|
Net
cash provided by operating activities
|
5,340
|
4,082
|
||||
|
Cash
flow from investing activities:
|
||||||
|
Purchases
and development of real estate properties
|
(6,039
|
)
|
(6,458
|
)
|
||
|
Partial
return of investment in Crestview
|
337
|
-
|
||||
|
Development
of commercial leasing properties and other
|
||||||
|
expenditures
|
(96
|
)
|
(79
|
)
|
||
|
Net
cash used in continuing operations
|
(5,798
|
)
|
(6,537
|
)
|
||
|
Net
cash provided by (used in) discontinued operationsa
|
10,022
|
(19
|
)
|
|||
|
Net
cash provided by (used in) investing activities
|
4,224
|
(6,556
|
)
|
|||
|
Cash
flow from financing activities:
|
||||||
|
Borrowings
from revolving credit facility
|
7,500
|
6,500
|
||||
|
Payments
on revolving credit facility
|
(9,507
|
)
|
(2,447
|
)
|
||
|
Borrowings
from project loans
|
2,236
|
468
|
||||
|
Repayments
on project loans
|
(3,101
|
)
|
(1,064
|
)
|
||
|
Net
proceeds from exercised stock options
|
725
|
41
|
||||
|
Purchases
of Stratus common shares
|
(254
|
)
|
(335
|
)
|
||
|
Net
cash (used in) provided by continuing operations
|
(2,401
|
)
|
3,163
|
|||
|
Net
cash used in discontinued operationsa
|
-
|
(36
|
)
|
|||
|
Net
cash (used in) provided by financing activities
|
(2,401
|
)
|
3,127
|
|||
|
Net
increase in cash and cash equivalents
|
7,163
|
653
|
||||
|
Cash
and cash equivalents at beginning of year
|
1,901
|
379
|
||||
|
Cash
and cash equivalents at end of period
|
9,064
|
1,032
|
||||
|
Less
cash at discontinued operationsa
|
-
|
(121
|
)
|
|||
|
Less
cash restricted as to use
|
(301
|
)
|
(123
|
)
|
||
|
Unrestricted
cash and cash equivalents at end of period
|
$
|
8,763
|
$
|
788
|
||
| a. |
Relates
to 7000 West, which Stratus sold on March 27,
2006.
|
III